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Midwest CPI growth the largest since March 2012
3/16/2017 11:07 AM
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The Midwest Consumer Price Index rose 2.4 percent in February compared with the same month in 2016.
The increase to 228.63 is the largest year-to-year bump since March 2012, according to a news release from the U.S. Bureau of Labor Statistics.
The CPI – which reflects price changes for energy, food and all other items – is measured in comparison to a base period of 1982-84. A typical market basket of goods and services that cost $100 in 1982-84 cost $228.63 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.
The latest growth was led by the energy index, which moved up 18 percent during the past year. Motor fuel prices jumped 38 percent, the largest 12-month gain since June 2011. Piped utility gas services increased by 12 percent, and electricity prices were up 0.5 percent, according to the release.
The food index last month ticked down 0.2 percent from February 2016. Prices for food at home dropped 2 percent, the 17th straight decrease, while costs for food away from home grew 2 percent.
The index for all other items advanced 2 percent in February compared with the same month a year ago. Medical care services increased 4 percent, and shelter costs were up 2.6 percent, according to the release.
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